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When can I early renew my closed fixed interest rate mortgage or term portion without prepayment charge?

You can renew your mortgage without a prepayment charge during the final 120 days of your term. Otherwise if you have a closed fixed rate mortgage or term portion, there is a prepayment charge of either the three months interest amount or the Interest Rate Differential (IRD) amount, whichever is greater.

If you have a closed variable rate mortgage or term portion, there is a prepayment charge of 3 months interest.